Preference: Sell position is envisaged if price trades below 42.79 with take profit at 42.33.
Alternative scenario: Buy position is envisaged if price trades above 43.40 with take profit at 43.92
No major economic data with direct bearing on the commodity
Comment: The commodity is envisaged to trade lower owing to the rising number of COVID-19 cases as well as wind back in the output cut by OPEC+. OPEC+ is expected to improve on output this month and shale oil producers in the US might be encouraged to ramp up production as a result of recent recovery in oil prices.
Preference: Buy position is envisaged if price trades above 1.17834 with take profit at 1.18932.
Alternative scenario: Sell position is envisaged if price trades below 1.17032 with take profit at 1.16440.
ISM Manufacturing PMI (USD) 3 PM
Comment: The greenback recovered some lost ground earlier today as a technical retracement on the pair. The economy of the US is gloomy at the moment with bond yield dipping to the lowest level, deadlock over the extension of the economic relief as well as growing number of infections in the country. Hence the bullish run on the pair is envisaged to continue.
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